Farmers Cooperative Elevator Co. MN -

Corn Rallies Double Digits

Alan Brugler - Barchart - Thu May 20, 9:39PM UTC

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Front month corn futures closed the Thursday session with gains of 6 1/4 to 13 cents. New crop prices were stronger on the day, tightening the spread to a $1.12 1/2 July premium.

USDA Export Sales data showed 277,573 MT of old crop corn sales were made during the week that ended 5/13. That was a 3 week high, with sales to Mexico and Japan offset by 140k MT of cancelations by China and 79k MT canceled by unknown. For new crop, bookings were reported at 4.06 MMT (160 mbu). That was at the high end of the range of expectations and the largest forward sale for any week on record, though 97% of that business was previously known via daily announcements to Mexico and China. Daily announcements for this week, adding up to 5.644 MMT from China alone, indicate that the next Export Sales report will show a new weekly forward sale record.

China made no additional new crop bookings in the weekly report other than those already reported, though they hold 57% of the total forward book. China holds 49%, or 10.08 MMT, of the CMY outstanding sales compared to their 27% share of MYTD shipments. Dalian Corn Prices in China were 2,766 yuan/MT (~ $10.88/bu) on the 19th.

Argentina’s dock workers and tugboat sailors were on strike Wednesday and Thursday, and stated that they intend to resume the strike and interruptions of port operations on the 26th.

Jul 21 Corn closed at $6.64 1/2, up 6 1/4 cents,

Nearby Cash was $6.80, up 6 1/2 cents,

Sep 21 Corn closed at $5.79, up 12 cents,

Dec 21 Corn closed at $5.52, up 13 cents,

New Crop Cash was $5.27 7/8, up 13 cents,

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